@redyoshi: My class started with a broken sword. Also, any weapon can break, but I'm assuming you're talking about deliberately shitty weapons. Don't know if they upgrade into anything good, but they exist.
I'm quite sure that the shitty weapons will eventually be able to turn into something good via. Boss Souls like in Dark Souls and Demon's Souls.
That's part of what I like about these games, is that literally every item has a practical purpose
The Boss Soul Weapons don't require base weapons to create. Just a number of souls and a boss soul
@bocam: Where you get it from is certainly important, but I was wondering more along the lines of how deep into the game is it. If it's a ring you can only get next to the end of the game it's kind of useless, but if I can get it relatively early on then I wouldn't have to waste effigy's like vanity candy :P